UPDATE: I heard today. I passed. The cutoff was 69% and I got a 78%. My only real weak spot is BSA/AML, otherwise I did well across the board. Thank you guys for the support, I really didn't think I was going to pass. I screamed when I saw the email. Then I shook a little bit. Going out with friends later tonight to celebrate. Tagging those that commented here and thanks again for the support and everything. :) I can't believe it! I am 24 years old and I have a banking certification that requires 3 years of experience in order to even quality. Gotta say I'm feeling pretty badass today. thenewgreen wasoxygen blackbootz veen humanodon
I'm taking a certification for work this Friday. It basically involves me demonstrating that I have a working knowledge of all, yep that's right you heard me, all, U.S. Federal Banking Regulations.
Studying is very boring.
- Did you know, there is a difference between "residential real property" and "a dwelling"? "Residential real property" is basically a dwelling, plus land.
- Did you know, if you have an error on your debit card or credit card statement, that you can call in and the bank has to research it, ensure it's valid, or get you your money back? Timeframes vary depending on whether it is debit or credit.
- Did you know that there are specific laws that mandate both bank security (you are required to have tamper-proof locks on windows and doors, for instance) and bank closings (you must inform all your customers when a branch is closing, BUT if you are moving the branch less than 1000 feet, you don't have to!)?
I don't think I mentioned to you guys but the weekend before last I totaled my car with a deer (4-point buck). I have to get a new car and consequently, a car loan, the first time I will have a car loan in my name and my name only. This is kind of interesting because I am trying to apply my regulatory knowledge to the process, since it's a loan and a credit transaction so technically I should know all the laws and ins and outs of what I would expect to see throughout the transaction. I'm trying really hard to apply my knowledge so that I don't fail this certification. Still, though, it's boring.
I'm not a financial guru and I don't really expect this to take off, but hey, guys. Ask me questions. Help me study. Or tell me about your bad banking experiences! Everyone has those. (Hell I have several.) Something, guys. Something something banking.
My brain is melting out of my ears.
(Same as in top of post but in case ya missed it) UPDATE: I heard today. I passed. The cutoff was 69% and I got a 78%. My only real weak spot is BSA/AML, otherwise I did well across the board. Thank you guys for the support, I really didn't think I was going to pass. I screamed when I saw the email. Then I shook a little bit. Going out with friends later tonight to celebrate. Tagging those that commented here and thanks again for the support and everything. :) I can't believe it! I am 24 years old and I have a banking certification that requires 3 years of experience in order to even quality. Gotta say I'm feeling pretty badass today.
Have you heard Patrick Combs' story? He deposited a fake check that he received in junk mail as a joke. Unexpectedly, the check, for $95,000, cleared and the balance appeared in his account. He waited for the bank to call about the mistake, but the call didn't come. Eventually he went to the bank and asked if he could spend the money. A manager assurred him that the money was legally his, since the waiting period for bouncing a check had passed. Combs went to a law library and learned that, not only was it too late to bounce the check, it wasn't an invalid check at all! The words "Not negotiable for cash" were printed on the check, but some nuance in the Uniform Commercial Code stipulated that this alone did not make a check invalid. He ended up talking to some retired expert who wrote the book on check law, who convinced him that the money was legally his. There followed a long standoff between Combs and the bank. He did not intend to keep the cash, but refused to return it without a written apology. It was a long and interesting story which he used to have posted to his website. He has since written a book and built a career as a motivational speaker telling the story, so now it's just a short version on his site:
What is the certification? What job do you have that requires knowledge of Banking Regulations? OK and a banking story/question. So, I'm with a big bank that I started using as a freshman in college. Sometimes my bank statements don't reflect my purchases until a week or so after said purchase, in which case I sometimes forget what my actual balance is, and so sometimes I end up in the red. When I was using the bank card I had in high school (with another bank), this would automatically result in an overdraft fee. So after switching to this new bank, and (sometime around 2010 due to the CREDIT CARD Act I think) opting out of overdraft protection, I never pay fees when I dip into the red. What.. happened? Does this new bank just not want to collect a fee? Why do they cover my purchase if I opted out of overdraft protection?
The certification is called the CRCM. I have a job at a major US Bank working in their compliance department. My job function is very similar to, but not the same as, audit. I have to look over completed work that other people in the bank have done in order to ensure it was done in accordance with federal regulations, so I do deal with them in a very hands-on sort of day-to-day manner. You can ask me more about it; I kind of lucked into it after college and have stayed there ever since. Your suspicions as to what would cause this are valid. However, it's not the Credit CARD Act that mandated this change. It's actually an amendment to Reg E, which governs electronic transactions on debit accounts. (The CARD Act only covers credit transactions. In the banking world, credit and debit are two wildly different animals.) What happened is that if you opted out of overdrafts, you basically said "I don't agree to this service and I don't agree to pay a fee if I go into the red." It then becomes your bank's responsibility to stop those transactions from happening. Depending on your bank, your bank may have decided to choose to pay certain transactions even if they drive you into overdraft. Usually banks that do this differentiate between 1-time transactions (like point of sale, like buying something at your Wawa) vs. recurring ACH transactions and checks. The reasoning I have seen presented behind this is that recurring ACHs, checks, and similar sorts of transactions are more likely to be "important," i.e., things like rent, bills, etc, that it would be more important to the cardholder to have paid. Then they will still block things like, "Oh I need cigarettes, let me go to Happy Harry's" (typically that would be a POS, or point-of-sale, transaction). However the bank can still choose to pay all your charges if they want to. Because you didn't opt in, they can't charge you a fee, and it's kind of their responsibility that you went over - since they are supposed to be monitoring your account and now blocking anything that takes you over the limit.(sometime around 2010 due to the CREDIT CARD Act I think) opting out of overdraft protection, I never pay fees when I dip into the red
What's Reg E? Is that like a part of the US Code, the collection of laws that has 50 sections called Titles?
It is part of the Code of Financial Regulations, but more than that, I cannot tell you.
What should a lender do if self-testing evidences lending discrimination?
So, it sounds like if the bank self-tests and takes action to fix the problem, AS LONG AS they don't tell the regulatory agency or the public, they are OK. However I'm not sure how this would apply in the context of regulatory exams, which would probably uncover both the discriminatory problem and the remediation put into place. 1) determine the extent of the discrimination
2) Should be a little more specific. Depending on the type of lending discrimintation may violate more laws than not. Mortgage discrimintation would violate Fair Housing Act as well as Reg B. Credit Card might just hit Reg B. BUT ANYWAY:
3) If the violation just falls under Reg B and the bank engages in self-correction, according to my manual, "the reports, results, analysis, opinions, and conclusions of the self-test will be protected by a privilege." Sounds like if you work to fix it you can't get in trouble for it. But read this interesting bit: "The privilege will be lost if the information is voluntarily disclosed to the government or the public or is used in any manner as a defense to a discrimination charge."
(I was thinking reg B) If a lender discovers discriminatory practices, it should make all reasonable efforts to determine the full extent of the discrimination and its cause, e.g., determine whether the practices were grounded in defective policies, poor implementation or control of those policies, or isolated to a particular area of the lender's operations. The lender should take all appropriate corrective actions to address the discrimination. Your answer is a good one. You're going to do great! Good luck
I hope your brain will survive! Would be such a shame to lose it. Question I just came up with: is there a limit to how long a bank will keep your money? I wonder, can I just not use my account for 10 years and it'll still be there, or is there a sign of life necessary from the customer?
Nope! There's this thing called "escheatment." If your account is left dormant or inactive for a long enough period of time, the bank will begin a process of escheatment that will return all of the money in your account(s) to the state. The period of time varies from state to state but is usually 3 to 5 years. The bank IS obligated to inform you that your property is going to be escheated before they actually escheat it. They only have to make a good faith effort, though - so if they don't have an address on file or you're hard to find, you might not hear about it. This also applies to property, like stuff in safe deposit boxes, by the way. Usually if you at least call into your bank once a year or two, or perform any transaction, even if just one a year, your account will stay active and you won't have to worry about it! After the property is escheated an individual can submit a claim to the state for the property, but I'm not sure what happens after that.
Sucks about your car, hope you're ok otherwise. Get any venison out of it? Ok, here's a question. What is a bank obligated to do if a customer notices that their account has either more or less money than it should and the customer has not deposited or withdrawn any money? Oh, also, can a teller refuse to issue rolls of coins if they suspect the customer intends to use the coins to punch someone with, or to destroy a paint job? And one more: how illegal is it really to alter bills in some way, like drawing on them?
OK, so this actually sounds like my area of expertise. If this is a deposit account, it is governed by Reg E. So we'll start with "OK, your account magically can't have less money than it should without something happening to it." A transaction must have occurred at some point that caused the balance to be off. Examples: I highly doubt this. Related story, you can write anything you want on the memo line of a check and a cashier cannot refuse to deposit that check. So on your next rent check, try writing "crack" in the memo line. Come on. It'll be fun. (The teller may not even read it and I highly doubt law enforcement would waste their time on it. This would get passed by.) This one I actually don't know. I imagine it is similar to defacement or vandalism, though.at is a bank obligated to do if a customer notices that their account has either more or less money than it should and the customer has not deposited or withdrawn any money?
Somehow, there was a transaction that occurred on your account that caused the balance to reflect (as you would think) incorrectly. Luckily, consumer, you have recourse available to you! Here are the steps to take: - you may have tried to deposit $200. When you check your statement, for some reason, only $100 is reflected (Numbers purely for example purposes)
- There may be a transaction on your account you did not authorize (aka, someone took money out of your account, you don't recognize it and you didn't say it was ok)
- You may have tried to withdraw a certain amount, let's say $200, and the ATM only gave you $100, but it says $200 on your account statement
1) Find the transaction on your statements. Hopefully find it within *60 days* of the *statement* on which the error occurs.
2) Call your bank. If a merchant committed the transaction the bank will tell you to call the merchant. You will, and you will ask for your money back. If you are lucky, they'll give it to you. If they won't...
3) Call your bank back. At this point you will be initiating a *Reg E Error Resolution Process.* Your bank now has 10 days to investigate your claim and make a decision. If they need more time, they can take 45-90 more days (depending on transaction type) but *they have to give you your money.* Also, if you incurred any fees because of this transaction (like an overdraft) *they have to refund it.*
4) Now your bank is going to look at the transaction, reach out to the merchant, and serve them up some paperwork saying "You owe us money." This is called a *chargeback.* If the merchant disagrees (and most of the time they just kind of go with it) they will say "Nu-uh no we don't" and send your bank a rebuttal document called a *Representment.* The bank will either say "This isn't a valid rebuttal" or then go back to *you*, the cardholder, asking if you can provide any more information. If you can provide proof the charge isn't valid your bank will file a *Pre-Arbitration* response with the merchant and hey! You'll get your money back.
Oh, also, can a teller refuse to issue rolls of coins if they suspect the customer intends to use the coins to punch someone with, or to destroy a paint job?
And one more: how illegal is it really to alter bills in some way, like drawing on them?
High rate = a loan with a higher percentage. High fee means a higher fee -or fixed amount for the loan. -my guess. High priced mortgage: A higher-Priced mortgage loan is already in effect and is a consumer credit transaction that is secured by the consumers principal dwelling with an APR exceeding hte average prime rate. High cost mortgage: "A High-Cost mortgage is a consumer credit transaction secured by the consumers residence in which the APR exceeds the applicable average prime offer rate by more than 6.5% for the first lien transaction and 8.5% for subsequent liens."
Do you know about banking, thenewgreen ? You asked a good question, too.
A little bit, I have to take banking regulation tests every year for compliance purposes. I wish I didn't know about this stuff, frankly. It's droll.